1. What is Axis Finance Loan Calculator?

The Axis Finance Loan Calculator helps you estimate your monthly payments for personal loans from Axis Finance, with interest rates starting at 10.49% p.a. It uses the standard loan payment formula to calculate your EMI (Equated Monthly Installment).

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, spreading payments equally over each month.

3. Importance of Loan Calculation

Details: Calculating your monthly payments helps in financial planning, comparing loan offers, and ensuring the EMI fits your budget before applying.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (minimum 10.49%), and loan term in months (6-84). All values must be valid (principal ≥1000, rate ≥10.49, term 6-84).

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for Axis Finance personal loans?
A: Rates start at 10.49% p.a. for eligible customers, with actual rate depending on credit profile.

Q2: What loan terms are available?
A: Axis Finance offers personal loans with terms from 6 months to 7 years (84 months).

Q3: Are there any processing fees?
A: Axis Finance may charge processing fees up to 2% of the loan amount plus GST.

Q4: Can I prepay my loan?
A: Prepayment is usually allowed after 6 EMIs, with prepayment charges of up to 5%.

Q5: How accurate is this calculator?
A: This provides estimates. Final EMI may vary based on exact terms and fees.